• Wednesday, November 29, 2023
businessday logo


Capitis Cooperative Security raises N361M capital bond


Finance cooperative firm, Capitis thrift and Cooperative Security Limited says it has raised N361 million series A bond.

The company said the bond was a N500 million debt capital that was issued by the firm with the amount raised being 73 percent of what was requested.

Peter Adejoh, chief executive officer of the firm said Capitis is the first non-bank cooperative to achieve this feat.

According to Adejoh,” By the first quarter of 2021, we decided to raise a bond. We were able to raise our series A bond of N361 million but our target was to raise N500 million representing making 73 per cent”

He said that the success of the process is commendable considering that the company just tested the market.”

Read Also: Nigeria’s record low-interest rates end as bond yields rise by most in 12yrs

He further said that the bond with a three years tenure was issued by Norrenberger Advisory Partners and DLM trustee as the trustee, adding that it was able to get the amount through three months due to dedication.

Commenting on the future plans of the firm, the chief executive officer said the firm is launching a new product, Capsal Express, for seamless loans.

“Capsal Express loan is targeted at public servant and private sector employees. It is a salary loan product, if you are earning salary, you can apply for this loan with ease. We are targeting reputable private sector companies s well as government agencies employee. We want to add value to society and make access to finance easy for people. People have needs for bridge finance and that is what Capitis offers,” he said.